The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-10-13
BANKERS IN CONVENTION.

BANKERS IN CONVENTION.
Annual Meeting of the American Association
Action Taken at Yesterdays Session.
PITTsBURG. Oct 1.-THE annual meeting of
| the American Bankers Association commenced
| at the Grand Opera-house this morning. The
building. which has been but recently opened. pre-
sented a beautiful appearance, the potted plants
which we're display ed in the handsome ent trance
and on the stage adding to- and not detracting
| from, the decorations of the auditorium
| When the meeting called to order. at half
! past 10 o'clock. some two hundred representa-
tives of the leading financial institutions of the
country were present. while the seats set apart
for spectators were well filled. quite a large
mum Der of the audience being ladies'
After Chairman Logan C. Murray. of New
| York, had called the association to order Right
Rev. Courtlandt Whitehead, Episcopal bishop
of the diocese of Pittsburg invoked divine bless
ing on the proceedings of the association, after
which Hon. Daniel Agnew, ex-Chief Justice of
| the Supreme Court OF Pennsylvania, made the
| address of welcome. In opening he referred to
the features of historic interest which clustered
around PittsburR and gave some personal rem
| iniscences whom Pittsburg embraced of
| a few blocks, and Allegheny. a thriving city OF
| over one hundred thousand inhabitants.
| sisted of not more than dozen houses. He
| then branched out the wonderful strides
which Pittsburg and vicinity have made in the
way of manufactures. in the development of
material resources. and the immense capital
which has been invested. In the territory
contributory to Pittsburg, in the item
of coal. over IL, 600 900 of bushels have been
mined during the past year; but there is a
compused at 16. ZOO. 900, 600 tons. The
Latural gas supply is drawn from area of
$1,000 acres, from which 500, 000, 900 cubic feet
are drawn daily. The total capital invested in
the production and supply of natural gas is esti-
mated at $50. O00. 900. and the profit is 10 per
cent. The glass product is a quarter of million
feet per month, and over SO, 0OO 600 is invested
in the manufacture of plate glass alone Refer
ence was also made to the commerce of the city,
the tonnage OF which exceeds the largest sea-
port cities He also referred to the fact that
the imports of Pittsburg exceeded one. sixth of
the entire imports of the country. In conclud-
ing he claimed that Pittsburg and Allegheny
are the largest freght-producng districts in the
United States, two mills alone furnishing
larger tonnage than the entire cotton crop OF
speaker were fortified by figures giving details Of
tho different industries.
At the conclusion of Judge Agnews remarks.
delivered his annual address. This was followed
by the reading of the reports of the officers
The secretary's report showed gratifying in
crease in membership. especially in the South
ard West Last year the total membership was
1,402. while this year it is 16S2 The increase
| would have been larger but for certain monetary
questions, which caused some to withhold their
influence. A reaction has set in, however, and
it was the general opinion that the outlook was
exceedingly bright The influence of the associ-
alton was steadily increasing. During the year
81. 600 had been spent in prosecuting a number
of the most dangerous forgers and criminals in
the country.
III
Balance on hand last year .---. ST, 591.9S
Receipts from subscriptions ID, 1860
Total receipts to Oct. 1, 1887. 14.71S.6S
disbursements --------.--.------------- 15,o9o33
Balances 1,32O.15
A committee of five then appointed to
suggest nominations for officers for the ensuing
year. Pending their report, John j. Knox. ex-
Comptroller of the United States Treasury, de-
livered address on the surplus of the public
debt.
Mr.. Aenew then read An able paper Oh the legal
future of the national banking system after
which the convention adjourned for dinner.
In the afternoon the delegates were slow in
arriving. and 1t was after o'clock before Presi-
dent Murray called the convention order.
The secretary then read a number of Invitations
from Pttsbnrg manufacturers TO the delegates
to visit various industries. A letter also
read requesting the Ohio delegates to meet this
evening, for the purpose of forming a State
bankers association.
Hon B. wilkins, of Ohio. then delivered an
address How to Avoid the Accumulation of
Surplus in the Future" He said the question
could no longer be put ASIDE, anu That prompt,
thorough and heroic measures must be adopted
by the Fiftieth Congress, which assemblies in
December next
Mr. VIM P 81. John, president Of the Mer-
camille National Bank of New York. followed In
q deeply technical paper on possible Emergen-
ces in the Money Market" He offered few
suggestions for Congress in legislatng upon the
questions of providing for redistribution of
national bank CURRENCY, and providing for the
equitable REDEEM pton of lightweight silver coins
of the United States. After describing the ben
al 0f he Ia yvhi ho
proposed, the speaker discussed the question at
length
Colonel Exall. of Texas. addressed the con-
vention on the progress and growth of the South
and West The following resolution was then
adopted by the convection, upon the approval of
the executive committee.
Whereas The failure agree upon a proper ex-
tradition treaty between the United States and Great
Britain for the of class of offenders who
Whereas has come % be a matter of course that
the class of criminals known under the designation of
rest, trial and punishment by reaching the British
possessions where now in Canada, there large
Resolved. That the executive committee are re
quested to appoint committee behalf of the
evils existing and to urge the early amendment of
extradition treaties with Great Britain that the
existing evils may be abated
MIR. Samuel Norment, of Washington, D. c.,
offered the following resolutions which were re-
ferred to the executive council:
Whereas 1t is proposed to hold the national CAPT
tai IN 20 JOINT ceeoratlon oy the sixteen Aneri-
republics in honor of the centennial anniversary
of the of constitutional upon
the Western hemisphere and
Whereas 1t is also proposed to hold at the national
capital in 1892, worlds exposition in honor of the
four hundredth anniversary of the discovery of Amer
lea by Christopher Columbus which exposition of the
history arts and industries of the three Americas is
intended to be permanent; therefore,
Resolved. That the American Bankers Congress
heartily favors this movement toward intimate
relations between the several sister nations of the
three Americas and commends to the people of the
United States as matee of great practical impor-
tar
Resolved That the secretary be instructed to send
copies of these resolutions to the President of the
United States to the President of the Senate and to
the Speaker of the House of Representatives.
Letters of regret then read from Hon.
John Sherman. Com ptroller w. L. Trenholm
Gen W. T. Sherman. W. w. Crapo, H. w
Grady, j. Proctor Knott, John A. Kasson, Carl
Schurz, Secretary Fairchild, and others, after
xhich tha tiar adia,rxasd q